The operator of South Korea’s online resale marketplace for limited-edition sneakers and streetwear said existing shareholders Musinsa, South Korea’s largest multi-brand online fashion retailer, and Dunamu participated in the investment round of 40 billion won ($32.8 million).
Daecheol Jeong, chief financial officer at SLDT, a subsidiary of Musinsa that operates SoldOut, said the fresh capital investment will be used to expand its offer by adding new luxury, lifestyle and technology categories to its current sneaker focus.
Funds will also be deployed to improve the customer experience. Additional personnel will be hired to upgrade the platform and a second inspection centre will be opened in Seoul within the first half of this year.
Launched in July 2020, SoldOut directly competes with Line parent Naver’s online sneaker resale channel Kream, which bagged 40 billion won from SoftBank Ventures and Altos Ventures last year.
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